Sign in
The Public Investment Fund’s high-profile forum for the private sector got underway yesterday. Here’s what you need to know:
#1- The Public Investment Fund (PIF) and its vehicles attracted more than SAR 96 bn in investments from the private sector through the third quarter of 2023, Asharq Al Awsat reports, citing remarks by fund governor Yasir Al Rumayyan during the PIF Private Sector Forum yesterday. The PIF’s role helped bring the private sector’s contribution to 65% of GDP, he added.
Private-sector investment has focused largely on 13 strategic sectors since the beginning of 2021, he said, without specifying the sectors. “The private sector played an important role as an investor in the fund’s projects and its portfolio companies. The fund’s initiatives and programs launched by the PIF in last year’s edition contributed to strengthening the partnership with the private sector,” Al Rumayyan said.
#2- Say hello to Aseer Investment Co.: PIF announced that its new unit Aseer Investment Company (AIC) has launched and will aim to transform Asir into a tourist destination, according to a statement. “Today, with the commencement of our operations, we pledge to work tirelessly with our partners to make Asir the number one tourist destination in the Kingdom,” AIC Chairman Prince Turki bin Talal said.
It’s already breaking ground: AIC signed a MoU with Syahya for a hospitality project in Aseer, and another with NMR Group for a “co-investment partnership.” AIC has also inked a long-term lease agreement with Aseer municipality. AIC said that details of the agreements would be made public in due course.
AIC plans to invest across 12 sectors, including hospitality, entertainment, education, F&B, technology and retail. The company will work with both Saudi and foreign investors.
#3- Pushing ahead the domestic auto industry: The Kingdom launched its first National Academy for Vehicles and Cars and a new Automotive Manufacturers Association, Industry and Mineral Resources Minister Bandar Alkhorayef said. Electric vehicles will feature prominently in the academy’s priorities, he said. Graduates of the program will be qualified to work at PIF-backed EV maker Lucid and the Kingdom’s first EV brand Ceer, Alkhorayef added.
Exports, exports, exports: The Kingdom is working on building capacities to become a key exporter, he said. The domestic market will remain relatively small when compared with global markets, Alkhorayef said.
#4- And a little bit of mining: The Industry Ministry signed an agreement with the global industrial metals pricing center London Metals Exchange to set up metal warehouses in the Kingdom.
The forum continues today at King Abdulaziz International Conference Center. We’ll have a wrap-up report for you tomorrow.
